Archives for April 2013

Home Equity Declines on Long Island

foreclosure defense attorneys on Long IslandTen percent (10%) of all homes with mortgages on Long Island, New York are under water. This is an increase of three percent (3%) over the prior twelve (12) months. In the rest of the Country, the number of homes under water has been decreasing. Unfortunately, this is not the case on Long Island.

Superstorm Sandy

Superstorm Sandy, which hit Long Island on October 29, 2012, was a significant contributor to the rise in negative equity in homes on Long Island. It is estimated approximately 60,000 homes were damaged on Long Island by Superstorm Sandy. The impact of Superstorm Sandy on homes being under water on Long Island will continue to be felt when the ninety (90) day moratorium on mortgage payments expires.

Although the real estate market is improving in many areas of the United States it is not improving on Long Island.

About the Author

Elliot S. Schlissel, Esq. and his associates have been representing families throughout the metropolitan New York area for more than 45 years on issues concerning foreclosure, fraudulent mortgages, bad lending practices and other real estate related matters. The law firm offers free consultations to prospective clients.assistance for homeowners

750,000 Homes in Foreclosure

foreclosure defense lawyerThere are currently three-quarters of a million homes in the United States involved in the foreclosure process. This is down from a million homes being foreclosed upon in 2011. Even though the number of homes in foreclosure has declined, there is still a huge inventory of homes being foreclosed upon in the United States.

How Homes Are Foreclosed

The banks foreclosing on the majority of homes in the United States are not necessarily the owners of these mortgages. Many of these financial institutions act as trustees of the mortgages in foreclosures for other banks.

Foreclosing Banks

Bank of America currently services more mortgage loans on single family homes in foreclosure than any other financial institution in the United States. Bank of America is involved with approximately a hundred thousand foreclosures involving mortgage debt greater than twenty-three billion dollars. The majority of the homes in foreclosure are under water. A significant number of the homes in foreclosure were linked to Bank of America’s purchase of Countrywide Financial. It is estimated it has cost Bank of America almost fifty billion dollars to deal with the problems concerning the acquisition of Countrywide Financial Services.

The second and third largest foreclosing banks in the United States are Wells Fargo and JP Morgan Chase. Wells Fargo is involved in foreclosures on approximately 85,000 properties and JP Morgan Chase has foreclosed on approximately 55,000 homes. The majority of the homes in foreclosure by both JP Morgan Chase and Wells Fargo are also under water. Although the housing market is starting to improve, there are still three quarters of a million American families currently being pushed out of their homes!

helping homeowners stay in their homesElliot S. Schlissel, Esq. and his associates have been representing families throughout the metropolitan New York area for more than 45 years on issues concerning foreclosure, fraudulent mortgages, bad lending practices and other real estate related matters. The law firm offers free consultations to prospective clients.

Home buyers Returning to the Marketplace After Losing a Home in Foreclosure

mortgage modification lawyerApproximately, five million Americans have lost their homes in foreclosure proceedings. An additional two and a quarter million families have sold their homes in short sales. Many of these homeowners who have previously lost their homes due to foreclosures are now returning to the marketplace. They are looking to reestablish the American dream of home ownership.

Foreclosures and Credit Scores

Homeowners who go through either a foreclosure or a short sale generally receive deductions of between 85 and 165 points on their credit score. Individuals who pay their other bills on time suffer less of a reduction of their credit scores. There are things that can be done to reestablish credit and raise credit scores.

Some financial institutions are more willing to work with prospective homeowners who have gone through foreclosures and/or short sales. FANNIE MAE and FREDDIE MAC require families who have defaulted on previous mortgages to wait five (5) years before they will give them a new mortgage. They also will require a minimum of a ten percent (10%) down payment on the purchase price and a credit score of approximately 700 before they will loan them money on a new mortgage. It should be noted foreclosure information is completely removed from credit reports after seven (7) years.

Extenuating Circumstances

If a previous mortgage defaulter can show there were extenuating circumstances which resulted in their home going in foreclosure FREDDIE MAC and FANNIE MAE will reduce the wait for them to obtain a new mortgage to three (3) years. Examples of extenuating circumstances are loss of employment, a divorce, a significant health issue or another significant onetime event in the individual’s life.

Conclusion

Even if you have lost your home in foreclosure you still may have the opportunity to buy a new home in the future.assisting homeowners

Foreclosure Defense in Valley Stream, Lynbrook, Baldwin, Malverne, Freeport, Oceanside, Long Beach, Elmont, Lakeview, West Hempstead, Hempstead, Merrick and Bellmore, New York

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